Would you run smarter if you could?
In B2B eCommerce, knowledge is power. But what kind of knowledge will provide the exact power you need to improve your business? In other words, what metrics should you use to monitor the status of your B2B eCommerce initiative?
For each objective, we will provide a metric that you can use to quantify success. Depending on your market, you can take advantage of some (or all) of them.
Goal 1: Get more existing customers to sign up for e-commerce
This is the most widely recognized stage for manufacturers and distributors who launch eCommerce. In contrast to the B2C business, B2B business owners are not really attempting to pull in new users. Or maybe, they have an established customer base and they’re attempting to get them off of telephone/fax/email onto eCommerce.
Metric: User enrollment comparative to overall customer base
Goal 2: Sales/CSR team to prioritize your most valuable eCommerce customers
In B2B, not all customers are created equal. Some will purchase from you more than once per year. Others will place large orders frequently. The 80/20 principle definitely holds in B2B eCommerce which says 20% of eCommerce customers account for 80% of revenue. Your Sales and Customer Service teams must continuously prioritize and nurture these accounts.
Metric: Lifetime value of eCommerce customer
Goal 3: Target customers by order frequency (for enhanced email campaigns)
How often do your customers come back to your B2B eCommerce storefront to place another order? Odds are, there’s quite a spread in the data. Some customers may come back on a standard beat, maybe week after week, month to month, or quarterly. Others may come back irregularly. Running a smart personalized eCommerce store implies identifying growth opportunities among your customers. You can begin by segmenting your customers by order frequency, then crafting email campaigns to reach out to low-frequency customers.
Metric: Order gap (normal time between orders)
As we are aware, artificial intelligent based user experiences have now gotten typical in human lives. Being a businessman or a sales rep, the primary spot where you can utilize this intelligent experience is in the CRM you choose. It will acquire a major change if you get each representative in your organization to comprehend the ramifications of things to come to engage them with actionable insights for better solutions.
This is now possible with Einstein Analytics, the comprehensive analytics solution that Salesforce offers.
What is Einstein Analytics?
Einstein Analytics is a native Salesforce BI and data discovery tool, optimized for mobile phones that aims to extract, transform, and analyze data, providing meaningful insights to everyone in your organization.
This tool can consolidate CRM, ERP, and other data sources into a single view, allowing users to quickly resolve critical problems.
Salesforce characterizes Einstein Analytics as “AI-powered advanced analytics” that allows you to spot opportunities, predict outcomes, and get recommendations.
What’s the difference between Salesforce Einstein Analytics and Standard Reports?
Standard Reports and dashboards can be worked without assistance from IT and are incredible for operational reporting, providing information depictions, and real-time metrics continuously, which can be effortlessly extracted and imparted to everyone in the organization.
However, this solution has barely any adaptabilities, permitting a 90-day analysis, a three-filter limit, and can only report on Salesforce Data.
So, Standard Reports and dashboards ought to be utilized to give constant real-time operational reporting, addressing business questions that don’t change every now and again.
Salesforce Einstein Analytics, then, is utilized for progressively noteworthy, strategic, and interactive analytics, offering highlights that Standard Reports and Dashboards don’t, such as:
- Larger dataset capacity (supports a large number of columns)
- Fast query
- Drill into data
- Backing multi-organization associations
- Take actions from your dashboard
- Associate to external data
- Analyze historical data
- Optimized for mobile phones
- Embed analytics, dashboards in lightning pages
- No filter limits
- Forecasting and AI-powered insights
- Data-driven alerts
Einstein Analytics is a business insights platform!
What is the difference between Salesforce Einstein Analytics and other analytics tools?
The main thing you should remember is that each analytics tool is unique. They fill various needs and have different capabilities.
In this way, there are some key highlights that make Einstein Analytics one of a kind:
Report directly from Salesforce.
The greatest strength of Einstein Analytics compared to other analytics tools is that you can create real-time reports directly from Salesforce.
Utilizing dataflows, you can manipulate data from various Salesforce objects and external data, implying that you needn’t bother with additional ETL tools and high infrastructure expenses to transform and envision your data.
Furthermore, your data is retained carefully as Salesforce’s multilayered approach deals with security, individual user authentication, session limits, and audits.
Support for semistructured and unstructured data.
A large portion of legacy business intelligence can’t integrate unstructured or semistructured data, being restricted to an organized data set.
Einstein Analytics is designed to manage semistructured and unstructured data and to adapt to future increases in data volume, velocity, valance, and volatility.
Take actions directly from your dashboards.
Einstein Analytics enables you to take actions directly from your analytics dashboards. With a few clicks, you can create new tasks, open and change a record, and share insights with colleagues/partners using chat.
Display Einstein Analytics predictions in a Salesforce object and lightning page.
You can utilize Einstein Analytics capabilities to improve regular business choices. You can utilize the Power of CPQ and AI to predict an outcome and make recommendations for a particular salesforce object on a Salesforce Lightning experience page.
Data Science without a data scientist.
Einstein Analytics fills in as a personal data scientist, ready to analyze a lot of information in almost no time, an ideal opportunity to discover significant relationships, make predictions and guide business users in posing different inquiries.
Once the dataset is analyzed, EA automatically generates answers, clarifications, and proposals to business users in a way that’s easy to understand.
However, Einstein analytics doesn’t impersonate your team; it is there to support you and your teammates in making better and more informed decisions.
Let’s have a quick overview of the top features of Einstein Analytics.
1. Empowering employees for business actions
Actionability in the hand of the users is essential to ensure intelligent experiences. With Einstein Analytics, you can set tasks, collaborate with associates, and initiate actions right from the dashboard itself.
2. Connecting with different data sources
Actionable intelligence, in terms of business decision-making, requires the merging of data from multiple systems. This includes combining various ERPs (enterprise resource planning) or the CRM with survey data to boost the service and sales productivity. Einstein Analytics now comes with ready-to-use connectivity to all kinds of data sources, including but not limited to Google BigQuery, AWS, SAP, and CSV files, etc. This makes it easy to centrally connect to non-Salesforce providers and data to process all this.
3. Einstein as your CRM assistant
Einstein will go about as your savvy CRM assistant at different use cases. If you are overpowered with the volume of information in the reports, at that point Einstein Data Insights will come to your assistance. Einstein works as your in-house team of data scientists, working closely with you to provide actionable insights that are relevant to your company’s KPIs.
4. Discovering more recommendations insights automatically
Traditional analytical methods are good enough to help you understand what happened in the past and why. Going a step ahead, AI-powered analytics will assist you with looking into the future and predict how things will be. Einstein Discovery, which is a part of Einstein Analytics, will aid users with creating predictions on the basis of KPIs and endorse the most insightful recommendations on how to optimize the outcome.
5. Going in the best direction utilizing the Next Best Action
Einstein additionally has Predictive Intelligence to recognize the right next action while in live interaction with a customer. This is a key element of Salesforce Einstein Intelligence, which will help deliver an ideal impact in customer interactions at the most critical checkpoints. For instance, proposing any relevant cross-selling opportunities like an add-on warranty during the hour of case resolution.
In conclusion, for organizations that invested or plan to invest resources into the Salesforce platform, Einstein Analytics is best for a few reasons.
- It can a large volume of data in a very short period, without the need of a data scientist.
- This tool is flexible and Interactive.
- In a very practical way: as EA is integrated into Salesforce, allowing it to take actions directly from the dashboard, AI-powered analysis is embedded on lightning pages.
- Reduced costs compared to other tools that require more infrastructure investments, extensive queries, and different complementary software.
- It includes the insurance of strong security (biggest cloud software)
Thanks to Einstein Analytics‘ extraordinary capabilities, you will have the option to decrease business costs, improve processes, and engage your team to make quicker, better, and smarter decisions.